A catablog is basically a blog that is designed to mix content and commerce in a very deliberate fashion. It's looking to attract people who are interested in buying things, but who are also interested in immersing themselves in the lifestyle surrounding the products.
I thought the blog post described an interesting way of quickly developing a voice for your blog. I think that is a big problem for most bloggers to gain traction. I know I have.
Catablogging essentially allows you to piggyback on an existing brand or product line and evolve your voice around that.
This isn't necessarily somethinI am interested in doing, but I could see the value in making money by doing this. Really getting to know a product, line of products and the customer / fan base around that.